According to the NY times, its a 60 day ceasefire on all fronts, and a return to pre-war status on issues like the (blockade, tolls, nuclear program, sanctions) starting this coming Friday. Also on Friday, a new round of negotiations will begin to discuss these issues.

So basically, both sides agreed to go back to the pre-war status quo for 60 days while negotiations continue.

Except one thing so far, apparently Trump has agreed to unfreeze Iranian financial assets.

Remember: the reason Trump said Obama's nuclear agreement was terrible was because Obama was "paying the Iranians to not develop nuclear weapons". What Obama did, was pay them out of these frozen assets. Which trump just gave them back for free, and without a nuclear deal.